A major provider of lender-placed insurance, QBE, has reached a settlement with New York's Department of Financial Services (DFS) on lender-placed insurance practices. The settlement is similar to last month's agreement with Assurant.
From the NY DFS press release:
"Benjamin M. Lawsky, Superintendent of Financial Services, said: 'The momentum behind New York’s force-placed insurance reforms is continuing to build. We urge other regulators to pick up the ball and run with it by implementing New York’s reforms nationwide – so that all homeowners, regardless of where they live, are better protected from abuse.'
Previously, in an effort to encourage other states to implement New York's lender-placed insurance reforms, Superintendent Lawsky sent a letter to other state insurance commissioners urging them to follow New York' s lead on this issue.
Read the full press release.
Read the letter.